With a notable shift in the construction industry away from adversarial contracts, a radical overhaul in the methods used to procure construction services is now taking place. In a drive to increase efficiency and reduce costs, target cost contracts, partnering, PFI and open book accounting have all now become commonplace with long term relationships being encouraged.

This new approach, where contractors are paid based on the costs they have incurred, relies on greater shared access to information and improved methods of management, communication, performance measurement and audit.

Obviously, IT has a vital role to play.

The success of target cost, cost reimbursable and partnering contracts is reliant upon capturing actual cost data in a structured, auditable and flexible system, capable of embracing project and client specific activities with access available to both clients and contractors. Causeway Project Accounting does this and much more.

While some companies try to cobble together complex and disparate spreadsheet systems to solve the problem, others look to a more advanced, structured and streamlined approach - the Causeway approach.

By capturing cost data at transaction level and embracing project specific activity coding structures, Causeway Project Accounting embraces the niche requirements of a solution required to manage contracts of this type.

Not only does Causeway Project Accounting allow a contractor to report on committed, accrued and actual costs, it is also offers flexible reporting and valuation functionality embracing the detail associated with producing target cost applications for payment including recoverable and non-recoverable costs, management charges.

Causeway Project Accounting has been proven on some of the industry’s most innovative and prestigious projects, including Highways Agency MAC Contracts, BAA Heathrow Terminal 5, Channel Tunnel Rail Link, Transco EPC, NHS Procure 2 to name but a few.

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